Location is Most Important Factor for Buyers
Location is still the most important factor when buying a new home, revealed recent research from Clydesdale and Yorkshire Bank.
Despite the economic downturn having a huge effect on the housing market, living in the right place is still vital for 59% of homeowners in the UK, according to the Annual Homebuyers Research.
Of all regions, those in Scotland are the most concerned about buying in the right location, with this being the most important to around two thirds (64%), compared to just 50% of buyers in Wales.
Location is Most Important Factor for Buyers
Regional breakdown of buyers who consider location the most important factor when buying a home:
|
Region |
Buyers that think location is key |
| Scotland | 64% |
| East of England | 63% |
| London | 61% |
| South West | 61% |
| Yorkshire | 59% |
| South East | 58% |
| Midlands | 57% |
| North East | 56% |
| North West | 54% |
| Wales | 50% |
| UK average | 59% |
For around a quarter of buyers (24%), affordability is the most important factor when purchasing a property. This is the case for 33% of buyers in Wales, compared to 17% in Scotland, 16% in London and 15% in the South West.
Being close to family and having the support of a family network is more important than being close to work in every part of the UK, except London. Commuting is a necessity to Londoners and finding a home near work is a focus.
Director of Retail Banking at Clydesdale and Yorkshire Bank, Steve Fletcher, says: “Everyone is looking for something different from their dream home, however, our research has shown that for the majority of homeowners, the location of the property is something they are not willing to compromise on.
“We know that moving home can be a stressful time, so we have a range of mortgages to suit different needs and budgets to help make the process as easy as possible.”1
